Nel ASA: Signs Capacity Reservation Agreement for 16 hydrogen fueling stations

20 Dec 2022 19:48 CET

(Oslo, Norway, 20 December 2022) Nel Hydrogen Inc., a subsidiary of Nel ASA,
(Nel, OSE:NEL) has signed a Capacity Reservation Agreement (CRA) with an
undisclosed US energy company, for the delivery of 16 hydrogen fueling stations
to be deployed in the US.

In line with the agreement Nel will reserve capacity and start sourcing long
-lead items for the fueling stations. The manufacturing of the equipment at
Nel's factory in Herning, Denmark, will commence when a final purchase order is
signed.

"We look forward to providing our hydrogen fueling equipment to this important
client and contributing to the deployment of hydrogen fueling infrastructure in
the US", says Robert Borin, Senior Vice President, Nel Fueling Division.

The value of the CRA is about USD 7 million and is paid upon signature. The
final purchase order (including the CRA fee) is estimated to be about USD 17
million, whereas a final agreement is expected to be made in H1 2023. Delivery
of the fueling equipment is scheduled to commence in Q4 2023 and run throughout
2024.

ENDS

For additional information, please contact:

Kjell Christian Bjørnsen, CFO, +47 917 02?097

Wilhelm Flinder, Head of Investor Relations, +47 936 11 350

About Nel ASA | www.nelhydrogen.com

Nel is a global, dedicated hydrogen company, delivering optimal solutions to
produce, store and distribute hydrogen from renewable energy. We serve
industries, energy and gas companies with leading hydrogen technology. Since its
origins in 1927, Nel has a proud history of development and continual
improvement of hydrogen plants. Our hydrogen solutions cover the entire value
chain from hydrogen production technologies to manufacturing of hydrogen fueling
stations, providing all fuel cell electric vehicles with the same fast fueling
and long range as conventional vehicles today.

This information is subject to a duty of disclosure pursuant to Section 5-12 of
the Norwegian Securities Trading Act. This information was issued as inside
information pursuant to the EU Market Abuse Regulation, and was published by
Wilhelm Finder, Head of Investor Relations, at NEL ASA on the date and time
provided.

More information:
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